MOIL Q4 Results: Net profit declines 38% to ₹81 crore, dividend declared

MOIL announced its Q4FY23 results on May 26, reporting a net profit of 80.9 crore, down 38.3 per cent, compared to 131 crore in the corresponding period last year. The manganese ore mining company’s revenue from operations in the January-March quarter came in at 428 crore, registering a decline of 8.5 per cent, compared to 468 crore in the year-ago period.

The company’s board recommended a final dividend of 0.69 per equity share of the face value of 10 each for the financial year 2022-23, upon the approval of shareholders.

On the operating front, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) during the fourth quarter stood at 132.5 crore, reporting a decline of 38 per cent, compared to 214 crore in the same period last year.

Also Read: MOIL achieves record manganese ore production of 1.31 lakh tonne in April 2023, sales up by 72%

In terms of its segmental performance, MOIL reported a revenue of 397.11 crore for mining products. The total income during the March quarter came in at 448.05 crore, compared to 476.07 crore in the year-ago period.

The state-owned company achieved its best-ever April production performance since inception with a production of 1.31 lakh tonne in April 2023, marking a significant growth of 26 per cent over April 2022.

The company had also broken a multi-year record in sales, with 97,838 tonne sold for the month, which is the best for any April month and 72 percent higher than April 2022, said the Ministry of Steel.

MOIL has attributed this success to its focus on exploration and achieving core drilling of 7,530 metres in April 2023, which is 3.6 times that of April 2022. The company plans to carry out exploration in brown-field and green-field areas during FY’24.

On May 26, shares of MOIL settled 0.54 per cent higher at 159.50 apiece on the BSE. 

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Updated: 26 May 2023, 05:45 PM IST

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